Rising Cost of Advertising Online โ€“ What SMBs Can do in Hyper-Inflated and Hyper-Competitive Ad Spaces?

Digital Marketing comprises promoting and selling products and services by leveraging online marketing techniques such as Search Engine Optimisation, Content Marketing Strategy, Pay-per-click, Social Media Marketing, Email marketing, and many more.

Talking about digital marketing, we can not miss mentioning ad spaces. Ad space is a specific place on any website where an advertisement appears. The online advertising cost for these ads has risen dramatically in recent years, making it difficult for Small & Medium Businesses to compete with larger companies and brands that can afford higher ad rates. Marketers have been using digital platforms such as Facebook, Instagram, Google and more to raise brand awareness and promote products or services directly through these channels.

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It is highly effective for Brands to target audiences through digital platforms. And, to rule the market, stand out in the users’ eyes, and carve a name for themselves, companies tend to spend more and more on online ads. This, in turn, causes hyper-inflated and hyper-competitive ad spaces.

Not every business can afford to be a part of this trap. So, what does it mean for SMBs?

The misconception that SMBs can not thrive and survive in a competitive space without investing a lot is unideal in today’s digitally transformed world. As per Google, 76% of online users search for local businesses on their smartphones. Meanwhile, 28% of those searches result in a purchase. So, why should not an SME leverage this? The lucrative blend of digital and organic marketing enables businesses effectively advertise their brands to the right target audience.

User-centric Marketing Strategies build an emotional connection between your customers and your brand, which leads to a positive brand experience. Through customized marketing strategies, brands can interact better with their audience and curate content that strengthens brand engagement and conversions while offering value upfront. Here, Content Marketing manoeuvres help brands be more vocal about their presence via articles, blog posts, videos, ads and more.

SMBs can utilize the power of digital marketing to engage and influence customers; as per the verified statistics, 95% of adults aged between 18 to 34 years old are likely to subscribe to or follow a brand through digital platforms. The favourite Social Platforms of all, Meta, a market leader, and Instagram, booming with reels and promoted ads, are used by most brands to target the untapped audience to attain conversion goals.

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73% of adults prefer business communication via email, and 87.6% of people check their mail at least once a day. This reflects the vast scope, there is, in email marketing for brands to connect with a wide audience. Another effective way of expanding your reach is through influencer marketing.

While onboarding renowned celebrities for marketing campaigns can be expensive, SMBs can source small-scale influencers in your industry. Another great way of boosting the business is through paid advertising. By embracing PPC through Google and Meta, and other marketing platforms, youโ€™ll be able to connect with an ocean of new audiences. Statistically, 75% of individuals click on paid ads due to the relevance and highly interactive communication that cater to their needs. Hence, a well-targeted paid ad has the power to boost conversions.

With a variety of digital platforms available, itโ€™s easy to overspend money without getting the desired engagement. Finding the businessโ€™ own identity and niche digitally can be the key to its success. In addition, clearly defining the target audience and developing a solid advertising strategy allows businesses to invest only in platforms that engage with potential customers the most.

Expert Tip:

Instead of running multiple campaigns, focus on limited campaigns and set defined goals. At the end of each campaign, analyze and assess the pre-defined goals and how successful you were at meeting them. Even a split test, an experimental approach used by marketers, can contribute to defining your goals while enhancing conversions. At last, analyze performance to determine what works best for your brand.

The growing advertising costs are not business-friendly for SMB brands. Moreover, the hyper-inflated and competitive ad space makes it difficult for brands to establish their presence in the digital world.

Any which way, it is highly suggested to adopt digital marketing strategies, in today’s day, as it is dynamic and has diverse budget-friendly options to market your brand.

The marketing choices you make today might change tomorrow as your business scales, your requirements change, and the scope of marketing efforts broadens. To help you out-performing your competitors and lead the industry, the best digital marketing agency in Gurgaon, Digidarts, will help you find your voice and establish a place in the digital world.